Core Viewpoint - Changjin Photon has submitted a prospectus to the Shanghai Stock Exchange for an IPO on the Sci-Tech Innovation Board, aiming to raise 780 million yuan for the establishment of a high-performance specialty fiber production base and R&D center, as well as to supplement working capital [1] Company Overview - Changjin Photon is a leading domestic manufacturer of specialty optical fibers, with its main product, rare-earth-doped optical fiber, being a crucial component in various optical fiber lasers, amplifiers, and LiDAR systems, widely used in advanced manufacturing, optical communications, measurement and sensing, defense, healthcare, and scientific research [1] Corporate Governance - The company emphasizes the standardized operation of its shareholders' meeting and board of directors, although it has been noted that two of its three independent directors have close ties to the actual controller, Li Jinyan, raising potential concerns about independence [2][4] Financial Performance - The company underwent significant valuation growth, with its pre-IPO valuation increasing from 430 million yuan to 1.2 billion yuan within four months, despite revenue growth not matching this valuation increase [8][10] Raw Material Dependency - Changjin Photon relies heavily on imported raw materials, with at least 63.82% of its materials sourced from abroad in the first quarter of 2025. Key materials include quartz tubing and optical fiber coatings, which are essential for the production of specialty optical fibers [10][12]

Core Viewpoint - The demand for rare-earth-doped optical fibers is steadily increasing due to the growing penetration of laser processing in manufacturing, the commercialization of 400G optical transmission networks, and the development of low-orbit satellite internet, which require enhanced optical signal amplification and transmission performance [1][7]. Overview - Specialty optical fibers differ from conventional communication fibers by having unique materials and structures that provide special properties and uses. Rare-earth-doped optical fibers are a significant subclass of specialty fibers, used for generating specific wavelength lasers and amplifying optical signals, thus driving high-power and high-performance laser output [2][3]. Market Policies - The rare-earth-doped optical fiber is a key product in China's strategic emerging industries, supported by various national policies aimed at promoting industry development, including the "14th Five-Year Plan for Intelligent Manufacturing" and others [5]. Industry Chain - The upstream of the rare-earth-doped optical fiber industry includes suppliers of raw materials such as quartz tubing, optical fiber coatings, rare earths, and industrial gases. The domestic production of these materials has accelerated, with significant progress in the localization of production equipment [6]. Development Status - The market for rare-earth-doped optical fibers is expanding, with projections indicating a market size of 2.99 billion yuan in 2024, representing a 15% year-on-year growth and accounting for 35.2% of the specialty fiber industry [1][7]. Competitive Landscape - The specialty fiber industry, including rare-earth-doped fibers, has high technical requirements and significant barriers to entry. The market is concentrated, with major players primarily from developed countries. Domestic companies are making strides but still face challenges in reaching global advanced levels [9][10]. Key Players - **Yangtze Optical Fibre and Cable Joint Stock Limited Company**: A leading global provider of optical fiber preform, fiber, and cable, with projected revenues of 12.2 billion yuan in 2024 and a gross profit margin of 27.3% [11]. - **Wuhan Changjin Photon Technology Co., Ltd.**: A domestic leader in specialty optical fibers, with a revenue of 164.92 million yuan from rare-earth-doped fibers in 2024, showing a 31% year-on-year increase [12]. Future Trends - The future of rare-earth-doped optical fibers includes enhancements in output power and optical efficiency for ytterbium-doped fibers, advancements towards high bandwidth and low noise for erbium-doped fibers, and improvements in performance for erbium-ytterbium co-doped fibers in laser radar applications [12].

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") is seeking an IPO on the Sci-Tech Innovation Board, capitalizing on the growth potential of the specialty optical fiber industry, particularly benefiting from the development of AI technology, despite facing competition and declining average sales prices of its main products [2][22]. Company Overview - Changjin Photon was established in July 2012 and completed its share reform in November 2022, headquartered in Wuhan, Hubei Province [3]. - The company is controlled by Li Jinyan, who holds 43.12% of the voting rights through various entities [3]. - Key shareholders include Jietu, Lihua Hongxin, Zhuhai Zijing, and Huawei Hubble Investment [3]. Product and Market Position - Changjin Photon is a leading domestic manufacturer of specialty optical fibers, focusing on high-performance and diverse product development [4]. - The main product, rare-earth-doped fiber, is crucial for laser applications and is widely used in advanced manufacturing, optical communication, defense, healthcare, and scientific research [4]. - The specialty optical fiber market is projected to grow significantly, with the global market size reaching approximately $2 billion in 2023, and the domestic market expected to grow from 4.3 billion yuan in 2019 to 7.6 billion yuan in 2023 [18][21]. Financial Performance - The company's revenue has shown growth, with reported revenues of 108 million yuan in 2022, 145 million yuan in 2023, and projected 192 million yuan in 2024 [6]. - Net profits for the same periods were 36.78 million yuan, 54.66 million yuan, and 75.76 million yuan respectively [6]. - The gross profit margin has remained high, averaging around 68.7% during the reporting period, which is above the industry average [9][10]. Sales and Pricing Trends - The average sales price of the main products has been declining, attributed to aggressive pricing strategies to increase market share [10][11]. - The sales revenue from the optical communication sector has increased significantly, while the advanced manufacturing sector's revenue share has decreased [8]. Research and Development - The company has invested 67.85 million yuan in R&D over the past three years, accounting for 15.27% of total revenue [13]. - A total of 37 employees are dedicated to R&D, representing 17.37% of the workforce [12]. Competitive Landscape - The specialty optical fiber market is currently dominated by international players, with major companies from the US and Europe leading the sector [21]. - In China, the market is concentrated, with leading manufacturers holding a combined market share of 35% [21]. Future Outlook - The specialty optical fiber industry is expected to benefit from the growth of AI and related technologies, presenting opportunities for companies like Changjin Photon [22]. - However, the company faces challenges from both domestic and international competitors, as well as pressures related to accounts receivable [22].

武汉光谷在光电器件、激光等细分领域具有全球竞争力，聚集了超过1.5万家光电子信息企业，素有"中国硅谷"之称。 长飞光纤、武汉睿芯、烽火通信等头部光纤企业的总部均位于武汉，近期，又有一家来自武汉的光纤企业冲刺IPO。 格隆汇获悉，武汉长进光子技术股份有限公司（简称"长进光子"）不久前向上交所递交了招股书，寻求科创板上市， 由国泰海通证券担任保荐人。 长进光子所处的特种光纤行业未来将受益于AI产业的发展，具有一定的想象空间。不过，公司也面临着国内外厂家的 竞争，近几年主要产品的销售均价呈下降趋势。 01 华中科技大学教授创业，专注于特种光纤领域 长进光子成立于2012年7月，2022年11月完成股改，总部位于湖北省武汉市东湖新技术开发区。 本次发行前，长合芯直接持有公司34.42%的股权，为公司控股股东。 李进延通过长合芯、致远一号、致远二号及一致行动协议（与刘长波）合计控制公司43.12%的表决权，为公司的实际 控制人。 此外，公司其他重要股东还包括杰普特（688025）、力合泓鑫、珠海紫荆、嘉兴沃土、中移基金、华为哈勃投资等。 李进延今年53岁，目前担任董事长，他毕业于中国科学院上海光学精密机械研究所，博士研 ...

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") is progressing in its IPO application on the Sci-Tech Innovation Board, with strong financial performance but also notable risks such as rising accounts receivable and high customer concentration [1][2]. Financial Performance - Changjin Photon has shown consistent growth in revenue and net profit during the reporting period, with revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022 to 2025 Q1, respectively. Corresponding net profits were approximately 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan [2][3]. Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue during the reporting periods [3][4]. - Jepter, a major shareholder, is also one of the top customers, contributing sales of 19.88 million yuan, 14.95 million yuan, 17.79 million yuan, and 4.19 million yuan, representing 18.37%, 10.34%, 9.28%, and 9.38% of total revenue for the respective periods [3][4]. Related Transactions - The relationship with Jepter involves significant related transactions due to Jepter's need for domestically sourced specialty optical fibers, which Changjin Photon can supply [4]. Accounts Receivable - The accounts receivable balance has been increasing, with figures of 56.69 million yuan, 59.11 million yuan, 77.60 million yuan, and 78.54 million yuan at the end of each reporting period [5]. - The company acknowledges that a rapid increase in accounts receivable could impact cash flow and operational efficiency [5]. Gross Margin - Changjin Photon has maintained a gross margin significantly higher than the industry average, with gross margins of 66.37%, 69.31%, 69.13%, and 68.7% for the respective years, compared to industry averages of 50.34%, 49.63%, 45.79%, and 43.22% [5]. Ownership Structure - As of the signing date of the prospectus, Changjin Photon is controlled by Changhexin, which holds 34.42% of the shares, while Li Jinyan controls 43.12% of the voting rights through various entities [5][6]. - Li Jinyan has a strong academic background and has been involved with the company since its inception [6].

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") is progressing in its IPO application on the Sci-Tech Innovation Board, with strong financial performance but notable risks related to accounts receivable and customer concentration [1][4]. Financial Performance - Changjin Photon has shown consistent revenue and net profit growth during the reporting period, with revenues of approximately 108 million, 145 million, 192 million, and 44.73 million yuan for the years 2022 to 2025 Q1, respectively. Corresponding net profits were approximately 36.78 million, 54.66 million, 75.76 million, and 15.18 million yuan [4][5]. - The company's gross profit margins significantly exceed the industry average, with margins of 66.37%, 69.31%, 69.13%, and 68.7% for the same periods, compared to industry averages of 50.34%, 49.63%, 45.79%, and 43.22% [7]. Customer Concentration - A high concentration of sales to major customers is evident, with the top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue during the reporting periods [5][6]. - Among these top customers, Jiepu Technology, a listed company, is a significant player, contributing sales of 19.88 million, 14.95 million, 17.79 million, and 4.19 million yuan, representing 18.37%, 10.34%, 9.28%, and 9.38% of total revenue [5][6]. Related Party Transactions - Jiepu Technology is not only a major customer but also the second-largest shareholder of Changjin Photon, holding a 12.24% stake. The relationship is driven by Jiepu's need for domestically sourced specialty optical fibers to ensure supply chain security and reduce production costs [6][7]. Accounts Receivable - The accounts receivable balance has been increasing, with figures of 56.69 million, 59.11 million, 77.60 million, and 78.54 million yuan at the end of each reporting period. This trend raises concerns about cash flow and operational efficiency [7]. Management and Control - Changjin Photon is controlled by Changhexin, which holds 34.42% of the shares, while Li Jinyan, through various entities, controls 43.12% of the voting rights, making him the actual controller of the company [8]. - The management team has strong ties to Huazhong University of Science and Technology, with several key personnel having graduated from or worked at the institution [9].

9月11日，武汉长进光子技术股份有限公司(简称：长进光子)申请上交所科创板上市审核状态变更为"已 问询"，国泰海通证券为其保荐机构，拟募资7.8亿元。 财务方面，于2022年度、2023年度、2024年度及2025年1-3月，公司实现营业收入约为1.08亿元、1.45亿 元、1.92亿元、4472.99万元人民币;同期，净利润分别为3678.17万元、5465.65万元、7575.59万元、 1518.27万元人民币。 | 项目 | 2025年3月31日 /2025年 1-3 月 | /2024 年度 | 2024年12月31日 2023年12月31日 2022年12月31日 /2023 年度 | /2022 年度 | | --- | --- | --- | --- | --- | | 资产总额(万元) | 62.458.99 | 52,779.66 | 43.819.24 | 32,422.97 | | 归属于母公司所有者权 益(万元) | 54,535.23 | 42.962.84 | 35,185.16 | 25,058.46 | | 资产负债率(母公司) | 12.68% | 18.59% | 19. ...

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, aiming to raise 780 million yuan for a high-performance specialty fiber production base and R&D center, as well as to supplement working capital [2] Company Overview - Established in 2012, Changjin Photon focuses on the R&D, production, and sales of specialty optical fibers, with its main product being rare-earth-doped fibers used in various applications such as advanced manufacturing, optical communication, measurement sensing, and national defense [4] - The actual controller and chairman of the company is Li Jinyan, who has a PhD and has held various positions in the optical communication field since 2001 [4] Financial Performance - Revenue is projected to grow from 108 million yuan in 2022 to 192 million yuan in 2024, while net profit is expected to increase from 37 million yuan to 76 million yuan during the same period, with gross margins of 66.37%, 69.31%, and 69.13% respectively [4] Investment History - From 2012 to March 2025, Changjin Photon completed six rounds of financing, with post-investment valuation rising from 200 million yuan to 1.8 billion yuan, supported by notable investors including Jepter, Hubble Investment, and Hillhouse Capital [4] Shareholder Changes - Prior to the IPO, existing shareholders faced a significant exit, with Tianheng Venture Capital acquiring shares from Li Jinyan and others at 25.62 yuan per share, while Huagong Mingde Fund's shares were sold at 24.34 yuan per share, leading to a valuation drop to 1.71 billion yuan [5]

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 780 million yuan, positioning itself as a leading manufacturer of specialty optical fibers in China [1][2]. Company Overview - The company specializes in high-performance specialty optical fibers, particularly rare-earth-doped fibers, which are essential components in the laser industry and have applications in advanced manufacturing, optical communication, defense, healthcare, and scientific research [1][2]. - Changjin Photon has established a robust core technology system, overcoming key technical barriers in the industry, and is recognized as a leading player in the domestic rare-earth-doped fiber market [2]. Financial Performance - The company reported revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2]. - Net profits for the same periods were 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan [2]. Investment Projects - The funds raised from the IPO will be allocated to the following projects: - High-performance specialty optical fiber production base and research center with an expected investment of 700 million yuan, utilizing 680 million yuan from the raised funds - Supplementing working capital with an expected investment of 100 million yuan, utilizing 100 million yuan from the raised funds [2]. Market Position - The company is positioned in the first tier of the domestic specialty optical fiber industry, recognized for its deep technical reserves and advanced manufacturing processes, making it a core supplier for leading domestic laser and optical communication manufacturers [2].

Core Viewpoint - Changjin Photonics, a hard-tech company emerging from Hubei, is redefining the boundaries of light with "special optical fibers" and is currently pursuing an IPO [1][2]. Company Overview - Established in 2012, Changjin Photonics' core technology originates from Huazhong University of Science and Technology, particularly from the optical fiber laser technology team led by Professor Li Jinyan, who is also the chairman of the company [5]. - The company's main products include special optical fibers, such as rare-earth-doped fibers, passive fibers for lasers, and special fibers for communication [6]. Product Features - Rare-earth-doped fibers enhance the optical performance of standard fibers by incorporating rare-earth elements, improving laser generation efficiency [6]. - Special optical fibers are designed for complex and specialized applications, such as precision laser surgery and high-power laser applications in automotive welding and chip cutting [6]. Market Dynamics - The industry has historically relied heavily on imported products, with 30% of high-end special optical fibers in China being imported, often at 2-5 times the price of domestic alternatives [7][8]. - Changjin Photonics offers competitive pricing, with its products costing about half of imported counterparts, significantly reducing costs for manufacturers [9]. Financial Performance - In 2024, the company is projected to achieve a revenue of 445 million yuan, representing a year-on-year growth of 30.96%, and a net profit of 69 million yuan, with a growth of 66.53% [10]. Emerging Opportunities - The new opportunities in the special optical fiber market are primarily driven by AI computing power connections and satellite internet [11]. - The demand for AI data centers is expected to surge, with major cloud providers planning significant capital expenditures, such as Amazon's over $100 billion and Microsoft's $80 billion for data center construction [11]. - The global market for special optical fibers is anticipated to exceed $15 billion by 2025, with China accounting for nearly 40% of this market [12].